Frequently Asked Questions (FAQ)

We get these questions all the time, so we thought it might be a good idea to put them all in one place.

Basics

What is Kraken?

Kraken is the leading Bitcoin exchange for those who demand fast
execution, innovative features, exceptional support, and high security.
People around the world choose Kraken to buy and sell bitcoins because
we always put the client first. As a result, we are consistently rated
the top exchange in independent reviews. Kraken is based in San
Francisco, USA.

What is Bitcoin?

Bitcoin is a digital
currency used for fast, secure and low cost payments without the need
for a central issuer or processor. Bitcoins are stored and sent
electronically from private wallets. Introduced in 2009, bitcoins have
increased greatly in value due to their limited supply and growing
popularity.

How to buy bitcoins?

After you deposit cash
from your bank to your Kraken account, you can make an order to buy
bitcoins on the exchange. When your order is filled, you can withdraw
your bitcoins to your wallet.

How to sell bitcoins?

After you send
bitcoins from your wallet to your Kraken account, you can make an order
to sell them for cash. When your order is filled, you can withdraw the
cash to your bank.

What currencies can I trade bitcoins with?

You can trade between bitcoins and euros, US dollars, Canadian dollars and Japanese yen.

How much does Kraken charge in trading fees?

Fees go as low as 0% and depend on how much you trade. Please
visit the Fees and Pair Info page for full
details.

How to start?

It's simple, quick and free
to set up with Kraken. Click open an
account, complete the form and activate your account. After
verifying, you can fund your account with bitcoins or cash and start
trading!

What is verification?

The law
requires that we verify your account by asking who you are and where you
live. To open a basic account and get started trading, we only ask a few
things. An advanced account is like opening a bank account and requires
supporting documents.

What information must I provide to trade?

To open a basic account and start trading, we only require your full
name, date of birth, address and phone number. A more advanced account (for higher account funding limits and in some areas required for bank funding)
additionally requires a government issued ID and proof of residence. In
some countries we require SSN (US only) or ID confirmation (Germany
or Japan).

Why do I have to provide my personal
information to trade bitcoins?

Kraken takes every measure to
prevent fraud and be fully compliant with KYC and AML regulations for
trading of digital assets.

Do you offer special accounts for businesses
or high volume individual traders?

Yes! To inquire about
this, please contact support and ask about our Corporate / Premier program here (select the General Form and category "Verification (Tier 4)").

What currencies can I deposit and
withdraw?

You can deposit and withdraw euros, US dollars, Canadian dollars, Japanese yen, bitcoins and other
digital currencies.

What are the options to deposit or
withdraw cash through a bank and what are the fees?

Deposit options and
fees

EUR SEPA Deposit (Free) - EEA countries only

USD Bank Wire Deposit ($5 USD) - US only

EUR Bank Wire Deposit (€10) - outside US only

USD Bank Wire Deposit ($10 USD) - outside US only

JPY Bank deposit (Free, ¥5,000 deposit minimum) - Japan only

CAD Wire Deposit (Free)

Withdrawal options and fees

EUR SEPA Withdrawal (€0.09) - EEA countries only

USD Bank Wire Withdrawal ($5 USD) - US only

USD Bank Wire Withdrawal ($60 USD) - outside US only

EUR Bank Wire Withdrawal (€60) - outside US only

JPY Bank withdrawal (¥20) - Japan only

CAD EFT Withdrawal ($10 CAD fee, $25K CAD daily max) - Canada only

We are always working to add more funding options to better serve our
clients globally. Fees are determined by our transaction costs and may be adjusted if our funding partners adjust their fee structure.